Tata Motors' shares surged over 3% on Wednesday on back of company's chief executive's plans to turnaround domestic business in next three years.

At 1127 hours, the shares of the company were trading at Rs 544.95 per piece, up 3.15% or Rs 16.65 on BSE.

According to a Reuters report, Guenter Butschek, said that the aim to put Tata Motors among the top three car brands in India by the end of March 2019, up from fifth in its last fiscal year.

As per the report, the automaker is rationalising the number of suppliers and will eliminate those that do not meet its standards on quality, cost and timely delivery, Butschek said.

Tata Motors' passenger vehicle sales fell 8% in domestic market that grew 7% in the fiscal year to end-March, and is dominated by companies such as Maruti Suzuki India and Hyundai Motor Co.

Butschek said he will launch products with new technologies and a focus on safety, low emissions and fuel economy.

Last week, on Friday, the company reported a drop of 57% in net profit for the quarter ended on June 30. The company posted a net profit of Rs 2236 crore as against Rs 5231 crore for the quarter ending on June 30, 2015.